Lending for house purchases surges almost 7% in a year

Thursday, January 15, 2015

Mortgage lending for house purchase in November was 12.4% down on October – but 6.6% up on November 2013.

The Council of Mortgage Lenders says that altogether there were 55,600 house purchase loans in November, including 25,900 first-time buyer loans, plus 24,000 remortgage loans and 17,700 buy-to-let loans.

Separately, E.surv, the valuations firm that is part of LSL, is forecasting that in the second half of last year there were nearly 34,000 fewer house purchase approvals than in the first half.

It believes, however, that in December there was a monthly rise in home purchase loans of 2% – the first monthly rise since last June.